Strategies to Enhance Market Share in Asia for Industrial and Manufacturing Firms: In Conversation with an Infiniti Research Thought Leader

August 1, 2019

Ajay Biswari, AVP – Custom Research (Market and Competitive Intelligence) at Infiniti Research has over 10 years of experience in delivering solutions for global giants in the industrial and heavy equipment sector. His core expertise includes market entry, market expansion, merger and acquisition identification, and customer needs assessment.

Industrial and manufacturing firms often face dilemma in understanding market dynamics and developing an effective market entry or market expansion strategy. Also, the rising competitive pressure, increasing need for differentiation in the market, and need to comply with the stringent regulatory environment have adversely impacted companies in the industrial and manufacturing industry. Consequently, industrial and manufacturing firms are under the pressure to expand their base of operations to developed markets. This necessitates stakeholders to develop an effective market expansion strategy, understand the competitor landscape, and gain a comprehensive view of the current market scenario.

Our market expansion strategy engagement can help industrial and manufacturing firms to gain in-depth market and consumer insights, collaborate with local businesses, garner government support, and devise an efficient market expansion strategy. Request a FREE proposal!

Do industrial and manufacturing companies need to expand their business to new markets?

Amal: Absolutely! Today, several market dynamics affect the business operations of companies operating in the industrial and manufacturing industry. The rising market uncertainties such as increasing competitive pressure, uncertain political scenarios, and rising operational costs are some of the major factors impacting the business operations of companies in the industrial and manufacturing sector. Let me explain in detail the impacts of these challenges on companies in the manufacturing industry. The growing competitive pressure often leads to price wars between companies and negatively impacts a manufacturing company’s bottom line. Furthermore, increasing political instability in the recent times including events such as BREXIT and NASTA are even making it more difficult for companies in the industrial and manufacturing industry to sustain a leading edge in the market. To remain ahead in the market and expand market share, it is vital for industrial and manufacturing firms to expand their base of operations to new markets.

Can you shed some light on the strategies that must be adopted by manufacturing firms to survive in today’s competitive market scenario?

market dynamics

Amal: Let me list out three major strategies, which according to me help companies stay ahead of the game. Some companies use technologies to overcome challenges. For instance, recently a major tool manufacturing company achieved 24% productivity improvement and 10% workforce efficiency improvement by investing in new technologies such as IoT and AI.

Also, companies are investing in new product innovations. The introduction of new products in the market can help companies to stay competitive. But, I would highly recommend manufacturing companies to employ a market expansion strategy, as this is sure to provide an above-average growth rate and can save millions of dollars in savings.

With over 15 years of expertise in providing custom market intelligence solutions, we have helped various global companies to devise efficient market expansion strategies.

expansion approaches. Let me explain these approaches in detail. Generally, greenfield expansion approaches involve huge investment in terms of resources, time, and capability. Although this approach provides complete control over the manufacturing and supply chain processes, this involves huge risks and takes a longer period for results to be shown. However, the brownfield expansion approach provides a kick-start immediately. Also, the brownfield expansion approach requires relatively lower capital investment compared to greenfield approach.

In the case of sales expansion strategies, manufacturing companies mostly look at own sales network or channel partners. Own sales network approach is mostly similar to the greenfield approach, which requires huge capital investment. However, channel partner approach helps companies gain in-depth knowledge about the market through channel partners who are already present in the market.

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